CoinDCX’s co-founder has stated that the company intends to pursue its initial public offering as soon as crypto regulations are in place in the country.
CoinDCX IPO In The Books
Co-founder Neeraj Khandelwal discussed the future of the crypto exchange in his interview with Bloomberg Television on Monday. He believes that the IPO round could elevate CoinDCX to the same status as Coinbase Global following its US listing earlier this year. He stated that the share sale would be a definite vote of confidence for India’s crypto industry. The IPO will be pursued as soon as government regulations allow it.
“As soon as the government or the situations allow us, we will try for an IPO. An IPO gives legitimacy to the industry, just like the Coinbase IPO gave a lot of confidence in the crypto markets. Similarly, we want to instill a similar level of confidence with an IPO of CoinDCX.”
Khandelwal also clarified that based on the incumbent crypto regulations, the exchange would have to chalk out a precise timeline to grow the industry further.
Regulation Threat Looms Over Industry
In short, the fate of the crypto exchange’s expansion plans rests on how the government chooses to regulate the industry. PM Modi and his government has been recently working on a bill that could be imposing strict regulations. The RBI has already adopted a very anti-crypto stance and has called for total banning of all private cryptocurrencies to make way for its central bank digital currency (CBDC). The introduction of the proposed bill in the Parliament also caused widespread FUD among Indians, leading to significant price drops of leading cryptos like BTC and ETH.
However, Khandelwal is quite optimistic that the proposed legislation will help the crypto market, as it will provide a clear framework of rules within which investors and firms like CoinDCX will be able to operate. He stated,
“The bill coming up at this juncture signals progress and really acknowledgment from the government side of the growing investor base for crypto.”
Crypto Unicorn CoinDCX
CoinDCX is India’s first crypto-based unicorn, which means that it is the first crypto firm in the country to reach a $1 billion valuation. Earlier this year, it had embarked on this journey by closing a financing round of around $90 million led by Facebook co-founder Eduardo Saverin’s B Capital Group. Other investors contributing to the funding round included Coinbase Ventures, Polychain, Block.one, and Jump Capital.
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